Obama calls $18B in Wall St. bonuses 'shameful'

WASHINGTON (AP) - President Barack Obama issued a withering critique Thursday of Wall Street corporate behavior, calling it "the height of irresponsibility" for employees to be paid more than $18 billion in bonuses last year while their crumbling financial sector received a bailout from taxpayers. "It is shameful," Obama said from the Oval Office. "And part of what we're going to need is for the folks on Wall Street who are asking for help to show some restraint, and show some discipline, and show some sense of responsibility."

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Armon Ayers wrote:Wonder why he didn't condemn Geithner's $450,000 severance pay?

Fed officials explained that the money listed on the disclosure form as a severance payment was the value of the supplemental retirement fund which the regional Fed banks provide to their presidents and first vice presidents. Since Geithner was going to another job and not retiring, he had the option of cashing out the current value of the fund and taking it as a lump sum payment.